Redsquid reels in new acquisition after landing funds from Santander UK
Technology company Redsquid has acquired managed IT services business Triumph Technologies.
The acquisition of the Thame-based company provides Redsquid with new capabilities in managed services, enabling it to offer its clients a full complement of technology services.
Santander UK has supported Redsquid with the acquisition of Triumph by providing a £750,000 growth capital loan.
The innovative funding product involves no capital repayments, providing Redsquid with flexibility to reinvest its profits in growing the business.
The acquisition of managed service provider Triumph enables Redsquid to expand its existing product suite, which includes mobile, unified communications, Internet of Things and a range of other services.
It is the third acquisition for Redsquid since entrepreneurs Sohin Raithatha and Vince Mignacca quit their jobs at major telecommunications providers to establish the company in 2006. Redsquid acquired technology companies 5Com and Ridgeway in 2015 and 2019 respectively. With the acquisition of Triumph, Redsquid will now employ a staff of 45.
Sohin Raithatha, Redsquid CEO, commented: “We are very pleased with the continued support from Santander UK. Santander’s agile deal team really understands our business and the strategic attraction of the Triumph acquisition, which has brought new energy into our organisation.”
David Muse, Director, Capital Growth at Santander UK, said: “We are delighted to support Redsquid with the acquisition of Triumph Technologies. It is a strategically important addition to the group, providing new capabilities in the high-growth managed IT services sector.”